Wall Street Bankers Saw Bonuses Soar 31% in 2024: See Their Eye-Popping Earnings

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Topline

According to figures released on Wednesday, Wall Street bankers experienced a bonus increase of over 30% last year. statement From New York State Comptroller Thomas DiNapoli, adding to an all-time high bonus pool boosted by robust performance from Wall Street in 2024.

Key Facts

Last year, average bonuses in New York City's securities sector surged by 31.5%, reaching $244,700, as per an annual estimation provided by DiNapoli.

The combined projected bonus pool amounted to an impressive $47.5 billion as mergers and acquisitions spiked over the past year, indicating a significant rise of 34% compared to 2023 figures and representing the highest sum documented since records began in 1987.

The increase in bonuses occurred as Wall Street's earnings climbed by 90% in the previous year, aligning with the stock market's peak performance where the S&P 500 hit an all-time high. Nasdaq Along with various technology shares such as Nvidia and Palantir.

According to DiNapoli, securities industry employment hit its peak annually in at least three decades, with 2024 seeing 201,500 jobs, an increase from the prior year’s total of 198,400 positions.

DiNapoli projected that last year’s bonuses would generate an additional $600 million in state income tax revenue and add $275 million to New York City’s coffers in 2023.

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Big Number

$49.9 billion. That is the amount. profit achieved by Wall Street in the previous year, representing a significant rise from the $26.3 billion in earnings recorded in 2023. Despite this surge, the profit levels have yet to reach those observed during the height of the COVID-19 pandemic, where Wall Street saw profits of $50.9 billion in 2020 and $58.4 billion in 2021.

What Is Typically The Annual Salary For Wall Street Bankers?

According to Mergers and Inquisitions, analysts can earn between $160,000 and $210,000 annually once bonuses are included. analysis , which positions come with annual earnings ranging from $275,000 to $475,000 following bonus payments.

Key Background

2024 turned out to be a remarkable year for stocks, with the Nasdaq, which climbed to an all-time high , soaring 28.6% and the S&P 500 increasing 23.3%. The previous year was the second consecutive time the S&P 500 rose above 20%, as reported. Charles Schwab , which said the milestone had not been reached since the late 1990s. Last year also included record benchmarks for tech stocks, with AI chip designer Nvidia surging 171% in 2024 and AI defense contractor Palantir becoming the S&P 500’s best performing stock .

Further Reading

The Nasdaq Surges to an Unprecedented Peak—Crossing 20,000 for the First Time (gudangmovies21)

In 2024, this AI company has emerged as the top-performing stock on the S&P 500 Index (spoiler alert: it isn’t Nvidia). (gudangmovies21)

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